Health & Human Services News

This news item expired on 9/30/2013, so the information below could be outdated or incorrect.

1st-Time Homebuyers Now Eligible for Matched-Savings Grant

OnTrack WNC is excited to announce expansion of the HomeRun Homeownership Program to low-income households in Buncombe County effective July 1, 2013. The program includes comprehensive financial/housing education and counseling, plus an opportunity for participants to receive a $2.00 "match" for every $1.00 saved towards homeownership.

Participants are eligible for up to $5,000 in match money toward homeownership. This is a matching grant, not a loan; participants never have to pay it back.

Limited Funding Available. Participants must purchase a home by December 31, 2014. Match money is not guaranteed until participants complete the program requirements and are under contract to purchase a home.

Eligibility: At the time of enrollment, participants must:

Live in Buncombe County;

Be a first-time homebuyer;

Have an annual household income at or below 80% Area Median Income. Example: income maximum for a three-person household is $40,000 (click here for income eligibility);

Have at least one year of stable income;

Begin making monthly savings deposits of at least $35.00 for six consecutive months; and

Plan to purchase a home by December 31, 2014.

The match amount is based on how much participants save. For example, if a participant saves $250, their match would be $500; if they save $2500, they are eligible for the maximum match of $5,000. Funds can be used in conjunction with Mountain Housing Opportunities' Down Payment Assistance, USDA Rural Development loans, and other programs for first-time homebuyers.